The global radiotherapy market was valued at USD 6.5 billion in 2021 and it is anticipated to grow up to USD 11.7 billion by 2031, at a CAGR of 6.0% during the forecast period.
Global Radiotherapy Market report from Global Insight Services is the single authoritative source of intelligence on Radiotherapy Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Radiotherapy, commonly known as radiation therapy, is used for cancer patients to cure cancer by destroying the cancer cells and reducing the size of tumors. X-rays, gamma rays, and charged particles are commonly used radiotherapy markets during radiotherapy. Modern radiotherapy makes use of highly precise collimating devices that positively impacts the market expansion.
Market Trends and Drivers
Rising number of cancer cases is expected to accelerate the market growth Surging number of cancer cases worldwide is expected to foster the market demand for radiotherapy over the analysis timeframe. According to the WHO, cancer is the leading cause of death globally and around ten million deaths occurred in 2020. Breast, prostate, lung, colon and rectum are among the most common cancers that further accelerates the market progress for radiotherapy. Similarly, according to International Agency for Research on Cancer (IARC), over seventeen million new cancer cases across the globe were observed in 2018. And by 2040, it is projected to grow to 27.5 million new cases. Therefore, radiotherapy is the most common method used to treat cancer and ease the symptoms of cancer and further slows or stops the growth of damaged cells. Hence, aforementioned aspects will prove beneficial for the overall market progression.
Market Restraints and Challenges
Difficulties in visualizing tumors during radiotherapy procedures may impede the market growth. One of the major challenges faced during radiotherapy procedures is difficulties faced in the visualization of tumors and demarcations from normal healthy tissues. Advancements in ionizing radiation therapy for cancer treatment are expected to help overcome this challenge. However, since tumors can change their shape daily, it becomes difficult to only radiate the cancerous outgrowth without affecting the surrounding tissues. To limit this, radiologists include a safety margin around the tumor. Also, to minimize the damage to the surrounding healthy tissue, it becomes a compulsion to limit the radiotherapy dose range, increasing the number of treatment cycles needed to eradicate tumorous cells. This is one of the major factors responsible for increasing the cancer treatment costs for patients undergoing radiotherapy.
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Major Players in the Global Radiotherapy Market
The key players in the market are Siemens Healthineers AG (Germany), Elekta (Sweden), Accuray Incorporated (US), IBA (Belgium), ViewRay Technologies, Inc. (US), Hitachi Ltd. (Japan), iCAD, Inc. (US), Mevion Medical Systems, Inc. (US), Panacea Medical Technologies Pvt. Ltd. (India), ZEISS Group (Germany), among others.
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